HomeMy WebLinkAboutRESOLUTION - 20-92 - 3/24/1992 - LOC ACCEPTED/SHELL OIL FOOD MARTRESOLUTION NO. 20-92
A RESOLUTION ACCEPTING LETTER OF CREDIT NO. 00326059 FROM FIRST
NATIONAL BANK OF CHICAGO IN THE AMOUNT OF $34,950 EXPIRING
JUNE 30, 1993 TO GUARANTEE CONSTRUCTION OF PUBLIC IMPROVEMENTS
(SHELL OIL FOOD MART AND CAR WASH- 1 E. HIGGINS)
NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees
of the Village of Elk Grove Village, Counties of Cook and DuPage, State of
Illinois:
Section 1: That the President and Board of Trustees do hereby
authorized the acceptance of Irrevocable Letter of Credit No. 00326059 in
the amount of $34,950 from First National Bank of Chicago to guarantee
completion of public improvements for Shell Oil Food Mart and Car Wash, 1
East Higgins Road, in accordance with the approved plans and specifications
with revisions dated October 29, 1991, prepared by W. T. Engineering and
approved on December 18, 1991 and agreements (including any amendments
thereof). Said Letter of Credit expiring June 30, 1993.
Section 2: That this Resolution shall be in full force and effect
from and after its passage and approval according to law.
PASSED
this
24th
day
of
March
1992.
APPROVED
this
24th
day
of
March
1992.
Charles J. Zettek
Village President
ATTEST:
Ann I. Head
Deputy Vi 11 age Clerk
-;;Jria �e
The First National Bank of Chicago
AMENDMENT
VILLAGE OF ELK GROVE
901 WELLINGTON AVENUE
ELK GROVE, IL 60007
ATTN: VILLAGE MANAGER
GENTLEMEN:
`ADE FINANCE
ONE NORTH DEARDJRN - 9TH FLOOR, MAIL SUITE 0812
CHICAGO, ILLINOIS 60670-0812 U.S.A.
Telex: TRT 190201 FNBC UT Swift Address: FNBCUS44
ITT 4330253 FNBCUI FAX: (312) 407-1065
TEL: (312) 407-3843
DATE: FEBRUARY 26, 1992
MAIL
VILLAGE DRAFTS DRAWN MUST
00326059
OPENER'S REFERENCE
00326059
WE ARE INSTRUCTED BY
BE MARKED:
NO:
ftcelven
SHELL OIL COMPANY FEB 2- j992
900 NAELK GRpyEHOUSTON, TX77002 VISNE
ATTN: J.C. SMITH CpMMUiryofa
Mmr
TO AMEND CREDIT 00326059 AS ISSUED IN YOUR FAVOR.
THIS AMENDMENT IS AN INTEGRAL PART OF THE ORIGINAL CREDIT.
ALL OTHER TERMS AND CONDITIONS OF THE LETTER OF CREDIT INCLUDING
PREVIOUS AMENDMENTS REMAIN UNCHANGED.
AMENDED TERMS:
IN THE SECOND PARAGRAPH, WHERE READING: "PREPARED BY WARREN JOHNSON
ARCHITECTS, APPROVED ON OCTOBER 29, 1991" IS CHANGED TO READ: "PREPAREL)
BY W.T. ENGINEERING APPROVED ON DECEMBER 18, 1991".
THIS IS AMENDMENT NUMBER 1.
YOURS VERY TRULY
THE FIRST NATIONAL BANK OF CHICAGO
PREPARER/AUTHORIZED SIGNER
AUTHORIZED SIGN
ORIGINAL
r1RS7 CHa,CAI G�
The `First National Bank of Chicago,
OUR REF N0: 00326059
1ADE FINANCE
ONE NORTH DEARuJRN - 9Th FLOOR, MAIL SUITE 0812
CHICAGO, ILLINOIS 60670-0612 U.S.A.
Telex: TRT 190201 FNBC UT Swift Address: FNBCUS44
ITT 4330253 FNBCUI FAX. (312) 407-1065
TEL 1312)407-3843
DATE: FEBRUARY 14, 1992
THIS LETTER OF CREDIT MAY NOT BE REDUCED WITHOUT THE CONSENT OF THE
VILLAGE ENGINEER AND SHELL OIL COMPANY.
THIS LETTER OF CREDIT SHALL REMAIN IN FULL FORCE AND EFFECT UNTIL JUNE
30, 1993 AND SHALL RENEW ITSELF FROM YEAR TO YEAR FOR ONE (1) YEAR
PERIODS THEREAFTER UNLESS AND UNTIL THE FIRST NATIONSAL BANK OF
CHICAGO SHALL GIVE NINETY (90) DAYS PRIOR WRITTEN NOTICE TO THE
DEPARTMENT, BY REGISTERED MAIL, RETURN RECEIPT REQUESTED, OF ITS INTENT
TO TERMINATE SAME AT THE EXPIRATION OF SAID NINETY (90) DAY PERIOD.
DURING SAID NINETY (90) DAYS NOTICE PERIOD, THIS IRREVOCABLE LETTER OF
CREDIT SHALL REMAIN IN FULL FORCE AND EFFECT.
THIS IRREVOCABLE LETTER OF CREDIT IS SUBJECT TO THE "UNIFORM CUSTOMS AND
PRACTICE FOR DOCUMENTARY CREDITS" THE INTERNATIONAL CHAMBER OF COMMERCE
PUBLICATION #400, MOST RECENT REVISION EXCEPT AS HEREIN ABOVE MODIFIED.
WE HEREBY AGREE WITH THE VILLAGE OF ELK GROVE ILLINOIS THAT DRAFTS
DRAWN IN COMPLIANCE WITH THE TERMS OF THIS CREDIT THAT THEY SHALL BE
HONORED ON PRESENTATION.
DATE: FEBRUARY 14, 1992
OPERATIONS OFFICER
VERY TRULY YOURS
THE FIRST NATIONAL BANK OF CHICAGO
OPERATIONS OF
PAGE 2
ORIGINAL
FIRST CHICAGO
a '
-' The sirs, National Sank of Chicago,
RECEIVED
? J !J�1
1ADE FINANCE
ONE NORTH DEARuORN - 9TH FLOOR, MAIL SUITE 0812
CHICAGO, ILLINOIS 60670-0812 U.S.A.
Telex: TRT 190201 FNBC UT Swift Address: FNBCUS44
ITT 4330253 FNBCUI FAX: (312) 407-1065
TEL: (312) 407-3843
LETTER OF CREDIT
ELK GROVE VILLAGE
VILLAGE WIRWGAOVE,r VILLAGE
901 WR'ff1fa W1�U'Lff E
ELK GROVE, IL 60007
GENTLEMEN:
COMPLETION UNDERTAKING
LETTER OF CREDIT NO. 00326059
DATE: FEBRUARY 14, '1992
AMOUNT: $34, 950. 00
EXPIRATION DATE: JUNE 30, 1993
WE HEREBY ESTABLISH OUR IRREVOCABLE LETTER OF CREDIT IN YOUR FAVOR FOR
THE ACCOUNT OF SHELL OIL COMPANY, HEREAFTER CALLED THE "DEVELOPER", IN
THE AGGREGATE AMOUNT OF $34,950, U.S. CURRENCY, (THIRTY FOUR THOUSAND
NINE HUNDRED FIFTY AND NO/100 U.S. DOLLARS), AVAILABLE BY YOUR DRAFT
DRAWN AT SIGHT ON THE FIRST NATIONAL BANK OF CHICAGO AND MARKED "DRAWN
UNDER LETTER OF CREDIT NO. 00326059 DATED FEBRUARY 14, 1992". THIS
LETTER OF CREDIT IS TO ENSURE THE COMPLETION OF PUBLIC IMPROVEMENTS FOR
THE FOLLOWING PROJECT: S/E/C HIGGINS ARLINGTON HEIGHTS ROAD, DESCRIBED
IN THE ENGINEERING PLANS AND SPECIFICATIONS WITH REVISIONS DATED OCTOBER
29, '1991, PREPARED BY WARREN JOHNSON ARCHITECTS, APPROVED ON OCTOBER 29,
1991. MONIES MAY BE DRAWN AT SIGHT BY THE VILLAGE OF ELK GROVE WHEN
ACCOMPANIED BY THE FOLLOWING DOCUMENT:
A SIGNED STATEMENT BY THE VILLAGE MANAGER OR ANY OTHER DULY AUTHORIZED
OFFICIAL OF THE VILLAGE OF ELK GROVE VILLAGE (SIGNED AS SUCH) CERTIFYING
THAT ANY PORTION OF THE SITE IMPROVEMENTS HAS NOT BEEN SATISFACTORILY
COMPLETED IN ACCORDANCE WITH THE APPROVED PLANS AND SPECIFICATIONS WITH
REVISIONS DATED OCTOBER 29, 1991, PREPARED BY WARREN JOHNSON ARCHITECTS,
APPROVED ON OCTOBER 29, 1991 AND AGREEMENTS (INCLUDING ANY AMENDMENTS
THEREOF) FOR THE FOLLOWING PROJECT:
S/E/C HIGGINS ARLINGTON HEIGHTS ROAD
THE IMPROVEMENTS IN THE ABOVE DESCRIBED PROJECT CONSIST OF:
WATERMAIN AND APPURTENANCES
SANITARY SEWER AND APPURTENANCES
STORM SEWER AND APPURTENANCES
ROADWAY (CURB & GUTTER, PAVEMENT)
SIDEWALK
PARKWAY (TREES, ETC.)
THESE IMPROVEMENTS ITEMIZED ABOVE SHALL BE COMPLETED ON OR BEFORE
DECEMBER 31, 1992. IF SAID IMPROVEMENTS HAVE NOT BEEN PROPERLY INSTALLED
AND SATISFACTORILY COMPLETED ON OR BEFORE THAT DATE AS REASONABLY
DETERMINED BY THE VILLAGE ENGINEER, THEN THE VILLAGE OF ELK GROVE
VILLAGE (THE IIVILLAGE'I) IS HEREBY GRANTED AUTHORITY TO DRAW UPON THIS
IRREVOCABLE LETTER OF CREDIT FOR THE PURPOSE OF COMPLETING FULLY SAID
IMPROVEMENTS IN ACCORDANCE WITH THE PROVISIONS HEREIN AND ABOVE SET
FORTH.
PARTIAL DRAWINGS ARE PERMITTED UNDER THIS IRREVOCABLE LETTER OF CREDIT.
(CONTINUED) PAGE 1
ORIGINAL